KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
With President-elect Donald Trump pledging to eliminate federal income taxes and further reduce corporate taxes, a longstanding tax break on municipal bonds may be at risk. As Republicans near control of both the White House and Congress, lawmakers may seek alternative revenue sources to offset the significant costs of these tax cuts, and the muni bond tax exemption, worth around $40 billion annually, could be an option. The municipal bond exemption , established in 1913, allows investors to avoid taxes on interest from bonds used by local governments to fund infrastructure, like bridges and roads. This feature has been critical for public finance, lowering borrowing costs for municipalities. If removed, state and local governments might face higher borrowing costs , potentially reducing infrastructure projects and placing more financial pressure on taxpayers. Despite bipartisan support for the exemption, some analysts predict select sectors, like education, could see restrictions ...